Can I Keep My FSA Money if I Open an HSA?

Many people wonder what happens to their Flexible Spending Account (FSA) money if they decide to open a Health Savings Account (HSA). The good news is that you can own both accounts, but there are specific guidelines you need to follow to determine if you can keep your FSA funds. Let's dive into the details to help you understand the relationship between FSAs and HSAs.

Understanding FSAs and HSAs:

FSAs and HSAs are both tax-advantaged accounts that allow individuals to save money for qualified medical expenses. Here are some key points to consider:

• FSAs are typically offered by employers and have a
  

  Many individuals have questions about how their Flexible Spending Account (FSA) may be impacted if they decide to open a Health Savings Account (HSA). The good news is that you can have both accounts simultaneously, but it’s essential to understand some guidelines regarding the use of FSA funds if you open an HSA. We'll break it down for you!